Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
10.35B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0.14%.
Starting with 10.35B and growing at 0.14%
for 5 years, we estimate Free Cash Flow will be
10.43B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 23.58M.
We will project this out 5 year(s) with a growth rate
of 1.94%.
Estimated Diluted Shares Outstanding: 25.96M.
Step 3: Project Future Stock Price
Using a price ratio of 15.37, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.43B ÷ 25.96M) × 15.37 =
$6172
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.71.
Projected over 5 years with a growth rate of
2.15%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.016999428500291.
Step 5: Discount the Projected Stock Price
Projected stock price: $6172.
Including dividends, total future value: $6181.02.
Discounted at 10% per
year over 5 years → Fair Value:
$3837.
